CFO4Life Group LLC purchased a new position in shares of The Progressive Corporation (NYSE:PGR – Free Report) in the second quarter, HoldingsChannel.com reports. The firm purchased 3,602 shares of the insurance provider’s stock, valued at approximately $787,000.
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Brighton Jones LLC lifted its position in Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after acquiring an additional 457 shares during the period. Revolve Wealth Partners LLC acquired a new stake in shares of Progressive during the fourth quarter worth $269,000. Bison Wealth LLC grew its position in Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after buying an additional 80 shares during the last quarter. HUB Investment Partners LLC increased its stake in Progressive by 7.8% in the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after buying an additional 166 shares during the period. Finally, Diversify Wealth Management LLC increased its stake in Progressive by 12.0% in the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock valued at $3,681,000 after buying an additional 1,622 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.
Progressive Stock Down 0.4%
Shares of NYSE:PGR opened at $219.45 on Friday. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The firm has a market cap of $127.58 billion, a price-to-earnings ratio of 11.01, a PEG ratio of 2.94 and a beta of 0.27. The stock’s 50-day moving average price is $215.53 and its two-hundred day moving average price is $206.64. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $252.82.
Progressive Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive’s payout ratio is currently 2.01%.
Wall Street Analyst Weigh In
PGR has been the topic of several analyst reports. Mizuho set a $236.00 target price on shares of Progressive in a report on Wednesday, August 5th. Keefe, Bruyette & Woods raised Progressive from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $226.00 to $250.00 in a research note on Thursday. BMO Capital Markets reiterated a “market perform” rating on shares of Progressive in a research note on Wednesday. Jefferies Financial Group reaffirmed a “hold” rating and set a $228.00 price objective on shares of Progressive in a report on Wednesday. Finally, Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a report on Friday, May 22nd. Seven investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and a consensus target price of $236.05.
Read Our Latest Stock Analysis on Progressive
Insiders Place Their Bets
In other Progressive news, insider Lori A. Niederst sold 7,339 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $209.29, for a total value of $1,535,979.31. Following the completion of the transaction, the insider directly owned 42,567 shares of the company’s stock, valued at $8,908,847.43. This represents a 14.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total value of $769,780.00. Following the completion of the transaction, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at $9,370,900. This represents a 7.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 82,224 shares of company stock valued at $17,416,438. Company insiders own 0.32% of the company’s stock.
About Progressive
Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.
The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.
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